Summary by Moomoo AI
Cipher Mining, a technology company focused on bitcoin mining, reported financial and operational results for the quarter ended June 30, 2024. The company's bitcoin mining operations at the Odessa Facility produced 558 bitcoin, generating $36.8 million in revenue at an average price per bitcoin of approximately $65.9 thousand. This represents an increase from the 1,112 bitcoin mined in the same period of the previous year, which generated $31.2 million at an average price of $28.1 thousand per bitcoin. The rise in revenue was attributed to higher bitcoin prices, despite a decrease in the number of bitcoins mined due to the halving event in April 2024. Cost of revenue decreased to $14.3 million from $15.9 million year-over-year, primarily due to lower power costs. The company recorded a net loss...Show More